USA Africa Dialogue Series - As My Fellow Alumnus Brother Bill Clintaon Said, "It's The Economy, Stupid"

For Obama, it is one bad economic news after the other. Our American credit rating has just been downgraded again this afternoon. And since we Americans vote our pocketbooks, not for being the smartest guy on earth, Romney is poised to win this election.

 

From the Canada Free Press:

US Credit Rating Downgraded—Again!

- John Lillpop  Saturday, September 15, 2012

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Adding to Barack Obama's legacy as the "Downgraded President," the US credit rating has been downgraded as reported :

Ratings firm Egan-Jones cut its credit rating on the U.S. government to "AA-" from "AA," citing its opinion that quantitative easing from the Federal Reserve would hurt the U.S. economy and the country's credit quality.

The Fed on Thursday said it would pump $40 billion into the U.S. economy each month until it saw a sustained upturn in the weak jobs market. In its downgrade, the firm said that issuing more currency and depressing interest rates through purchasing mortgage-backed securities does little to raise the U.S.'s real gross domestic product, but reduces the value of the dollar.

In turn, this increases the cost of commodities, which will pressure the profitability of businesses and increase the costs of consumers thereby reducing consumer purchasing power, the firm said.

In April, Egan-Jones cuts the U.S. credit rating to "AA" from "AA+" with a negative watch, citing a lack of progress in cutting the mounting federal debt."

Thus is the argument strengthened that the Obama presidency must end on November 6 if America is to have any chance at survival.